According to the latest search information, SOL's recent surge is primarily driven by the following core factors:

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## Core Catalysts

### 1. **On-Chain Governance System Launch (July 2)**
Solana has officially activated a complete on-chain governance system, shifting to a DAO-like governance model. Validators (requiring 100k+ SOL staked) can now submit proposals and vote on major protocol upgrades, referred to as "staker sovereignty." Following the announcement, SOL rose approximately 5% in a single day, with the market reacting positively.

### 2. **Alpenglow Upgrade Approved**
This is the largest consensus mechanism change in Solana's history, reducing transaction finality time from about 12 seconds to roughly 150 milliseconds. The proposal passed with 98% validator support and is expected to go live on mainnet in Q3/Q4 2026.

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## Institutional & Capital Inflows

- **SOL ETF Inflows**: Spot SOL ETFs like Bitwise BSOL and Fidelity FSOL have seen cumulative inflows exceeding $1 billion; Morgan Stanley has also filed a Solana trust application.
- **Securitize Tokenizes Stocks on Solana**: On its NYSE listing day, this company backed by BlackRock and ARK Invest tokenized $295 million worth of stocks on Solana and Avalanche.
- **MoneyGram Joins Validator Network**: For global remittance and payment operations.

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## RWA (Real World Assets) Growth

The tokenized asset size on Solana has reached $2.8–3 billion, with 97% being equity-type assets. On peak trading days (e.g., June 20), Solana processed approximately 99% of on-chain tokenized stock trades.

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## Technicals & Market Sentiment

- Fed Chair Kevin Warsh stated that inflation risks have eased, pushing Bitcoin above $60k.
- Short Squeeze: $281 million in short liquidations within 24 hours, nearly double the long losses.
- SOL was in accumulation phase in the $70–76 range at end of June, with active addresses hitting a 4-month high.

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